Shown here are annual financial data at December 31, 2013, taken from two different companies.
Required:
1. Compute the cost of goods sold section of the income statement at December 31, 2013, for each company. Include the proper title and format in the solution.
2. Write a half-page memorandum to your instructor
(a) Identifying the inventory accounts
(b) Describing where each is reported on the income statement and balance sheet for bothcompanies.